Today’s movie is a drama with a scene that happens on
October 19. Watch it tonight and enjoy.
BARBARIANS AT THE GATE
Henry Kraviz introduces Ross
Johnson, president of RJRNabisco to the idea of him doing a leveraged buyout of
the company. Johnson is hoping a new smokeless cigarette, the Premier will make
the company’s stock go up, but people hate them. Johnson goes to Jim Robinson
of American Express, who gets Peter Cohen of Shearson, Lehman to finance the
buyout. At a board meeting on October 19, 1988, Johnson announces to the board
of directors his intent to buy the company at $75.000 per share. [37:11 to 39:24] Kraviz is annoyed that he
wasn’t selected to finance this but negotiations to partner with him fail.
Kravitz makes his own bid at $90.00 per share and further negotiations to
include him in the deal fail. The
director of Nabisco leaks info to Kraviz so he can prep his bid. All the
details of Ross’s bid, including what he will get personally are leaked. Ross
says he wants to run the company, not just own it. Three final bids are
submitted, Johnson’s at $100.00 per share, Kraviz at $94.00 and First Bank of
Boston at $118.00. First Boston has to drop out. The board considers the other
two offers during a marathon meeting during which the chairman pays Kraviz $45
million to stay in the running for one hour. Finally the board accepts Kraviz’s
offer, in part because of personal animosity towards Johnson over what is seen
as excessive greed in what he would have gotten personally. Johnson is fired
but walks way with $53 million dollars.
A great satirical film. Exposes the egos and greed that
destroyed Wall Street in the 1980’s. Tries to teach a lesson that I don’t think
was learned.
Burroughs, Bryan and Helyar, John. Barbarians at the Gate.
New York; HarperCollins, 1990. This
book at page 169 in talking about the meeting says “leading up to October 19”.
At page 181 in talking about the day of meeting it says “Wednesday morning “.
In 1988 October 19 was on a Wednesday.
Awards - The film won the Outstanding Made for Television
Movie Emmy It was also nominated for the Outstanding Individual Achievement in
Art Direction for a Miniseries or a Special; Outstanding Individual Achievement
in Directing for a Miniseries or a Special; Outstanding Individual Achievement
in Editing for a Miniseries or a Special - Single Camera Production;
Outstanding Individual Achievement in Writing in a Miniseries or a Special;
Outstanding Lead Actor in a Miniseries or a Special (Garner); Outstanding Sound
Mixing for a Drama Miniseries or a Special; Outstanding Supporting Actor in a
Miniseries or a Special (Pryce) and Outstanding Supporting Actor in a
Miniseries or a Special(Riegert) Emmys.
Director - Glenn Jordan
Runtime - 1 hour 47 minutes
Released - March 20, 1993
Starring –
Joanna Cassidy as Linda Robinson
James Garner as F. Ross Johnson
Jonathan Pryce as Henry Kravis
Peter Riegert as Peter Cohen
Leilani Sarelle as Laurie Johnson
Fred Thompson as Jim Robinson
Copyright by Ivan
Walters in 2014
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